Companies feeling hit of fewer federal contracts

Federal contract work is losing steam, and the value of those contracts awarded to U.S. companies is falling rapidly, the New York Times reports.

The total value of federal contracts in the fiscal year that ended Sept. 30 fell by $58 billion dollars — 11 percent. That’s the steepest decline in nearly a decade. That’s a trend that is worrying to big and small businesses alike. Boeing and Raytheon, two of the largest recipients of federal contracts, had declining awards last year.